As of midday Friday, major U.S. stock indexes saw declines primarily driven by a slowdown in technology stocks. The Dow Jones Industrial Average dropped about 1%, while both the S&P 500 and Nasdaq experienced losses exceeding 1%.
Super Micro Computers emerged as the worst performer in the S&P 500, facing scrutiny over delays in tax filings and allegations related to accounting manipulation. Similarly, Tesla’s stock fell amid concerns that the electric vehicle manufacturer may not meet high delivery expectations ahead of an upcoming report.
In contrast, Netflix’s shares decreased despite achieving record viewership for a National Football League game on Christmas Day, as analysts indicated that this increase was likely already reflected in the stock’s previous record high.
On a positive note, shares of Lamb Weston rose following news that activist investor Jana Partners is moving forward in its efforts to influence change within the company, partnering with a former executive as a board candidate. Amedisys also saw a surge in its stock price after the company announced an extension to the closing deadline of its $3.3 billion merger with UnitedHealth Group, which faced legal challenges from the Justice Department.
In commodity markets, gold futures declined while oil prices increased. Additionally, the yields on 10-year U.S. Treasury notes remained high, and the U.S. dollar weakened against the euro, pound, and yen. A general downturn was observed in most major cryptocurrencies as well.